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This topic contains 21 replies, has 9 voices, and was last updated by Profile photo of Fuengi (Andrew) Fuengi (Andrew) 7 years, 9 months ago.

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  • #54545
    Profile photo of Anonymous
    Anonymous
    Participant

    Hello, I have zeroed in on a property and the agent seem to be fairly honest.
    I am about to fly in and view the property in the next few days.
    Could you please review my agent’s comments and tell me if it is on the up and up.

    Thanks

    “Hello David,

    I will give you an idea how to purchase a property in Spain:

    – your real estate agent, in this case me, should do the same as a
    lawyer or a bank, check the paperwork
    – everything like land registry, nota simple and escritura should be in
    order
    – if there are any cargas (debts) on the property they should be solved
    before buying
    – a foreign buyer must have a Spanish tax number N.I.E. that can be
    applied for in Torre del Mar (15 km. from Almayate where the house is)
    – for a non EEC member to get the N.I.E. certificate can take several weeks.
    – to buy the property you must agree on the price and the moment of
    registering the sale at the notary
    – to make a reservation on the property you pay 3.000,- euros
    – this reservation will take the property off the market for two weeks
    – within these two weeks the legally binding sale contract will be
    prepared up by the attorney
    – on the moment of signing the private contract the reservation sum is
    10% of the purchase price minus the 3.000,- already paid
    – in many cases we, as a real estate agency, make up the contracts
    – but we also work closely together with an English speaking Spanish
    attorney called Carmen Silvia Gallado Muñoz
    – applying for the N.I.E. number you have to present yourself with your
    passport in Torre del Mar
    – signing the private contract can be done by fax
    – signing the deeds at the Notary can be done by us with your power of
    attorney in Spanish, registered at the Spanish notary
    – or in by yourself in person
    – we will transfer gas, electricity and water on to your name.

    Don’t hesitate to call or mail me if you have further questions.
    I hope to hear from you when you are planning to come to Spain so I can
    organise a viewing.”

  • #88396
    Profile photo of Anonymous
    Anonymous
    Participant

    That is the theory. Any book your purchase on buying a property in Spain will list the procedure which is not many miles away from the above.

    How, it works out in practise, is that matters to the buyer. One thing that stands out for me is that the agent has indicated a named lawyer.

    Good luck.

  • #88398
    Profile photo of Anonymous
    Anonymous
    Participant

    Hello Shakeel

    Is this good or bad?

    Thanks

    One thing that stands out for me is that the agent has indicated a named lawyer.

    Good luck.[/quote]

  • #88399
    Profile photo of Inez
    Inez
    Participant

    They are talking about an arras contract and they are quite standard. I would strongly recommend you do everything through your own independant lawyer.

    I request the reservation fee paid to one or other lawyer as some (not all, I am not saying every) agents are taking the reservation fee, a problem occurs or you decide to pull out and they dont refund the money – usually cos they have spent it!

    If your lawyer holds it, that is fair and usually acceptable, although some lawyers have had difficulty understanding the concept!

    Good luck

  • #88400
    Profile photo of katy
    katy
    Spectator

    I agree with Inez and Shakeel get your own Lawyer ASAP. I see they are suggesting you give them POA to sign too, don’t do it.

  • #88402
    Profile photo of Anonymous
    Anonymous
    Participant

    Thanks for the input, I am learning alot. I appreciate you taking the time to help.

    Thanks again, I am taking notes.

  • #88403
    Profile photo of Anonymous
    Anonymous
    Participant

    Get an independent solicitor. Don’t try to save money by not using one on the basis the agent said they would do it all for you!

    Don’t pay over any money until your solicitor has seen all paperwork and completed all searches.

    If you do pay over any money and for some reason you decide not to proceed you’ll never get it back no matter what promises or guarantees you have been given.

    Like someone else mentioned if you do pay deposits insist on having it held by a solicitor (preferably yours).

    Estate agents – I know one or two that are half decent but I’m afraid most have acquired a bad reputation – but one thing is for sure they have all kissed the blarney stone.

    It’s a buyer’s market and you can call the shots and dictate all the terms.

    Best of luck.

  • #88407
    Profile photo of Anonymous
    Anonymous
    Participant

    …and make sure that any contract you sign says “subject to outcome of structural survey”…survey first…bargain on the price…sign…in that order 😉

  • #88410
    Profile photo of Anonymous
    Anonymous
    Participant

    The sad reality which the Spanish Lawyers have brought onto themselves, is that if you pay them any deposit they have the tendency to pocket it.

    The response to this thread is the real reflection of the state of the Spanish property market. Credit crunch, over supply aside. You cannot trust anybody on the property food chain.

  • #88427
    Profile photo of Anonymous
    Anonymous
    Participant

    Just to add, If you pay the holding deposit and pull out you lose the money, if the seller pulls out, you get back double in theory…

    I don’t think there is anything in law that states you have to pay 10%, pay as little as possible as then if the worst happens and your lawyer finds any problems and you decide to pull out, you lose less…

    Use an independent lawyer/surveyor as you would in the UK…

    Good luck,

    Heather

  • #88428
    Profile photo of Anonymous
    Anonymous
    Participant

    @heatherpsk wrote:

    Just to add, If you pay the holding deposit and pull out you lose the money, if the seller pulls out, you get back double in theory…

    I don’t think there is anything in law that states you have to pay 10%, pay as little as possible as then if the worst happens and your lawyer finds any problems and you decide to pull out, you lose less…

    Use an independent lawyer/surveyor as you would in the UK…

    Good luck,

    Heather

    I am not familiar with a “surveyor” What do they do exactly (US here)

    Thanks

    David

  • #88429
    Profile photo of Anonymous
    Anonymous
    Participant

    Hello all

    I will be flying in Malaga the 13 th for 5 days. Meeting with an attorney and agent.

    I will be staying at Hotel Dila, in Velez. I will have a rental car and GPS.

    and will be delighted to meet anyone for coffee (I hope you got a Starbuck) lol.

    Best Regards

    David

  • #88430
    Profile photo of katy
    katy
    Spectator

    No Starbucks and no free refills 😆 Hope everything goes well.

    A survey is to ensure the house is not about to fall down a hill or something similar. Just esnsures the structure is sound. Hillbilly can explain better, it’s her profession.

  • #88431
    Profile photo of Anonymous
    Anonymous
    Participant

    @katy wrote:

    No Starbucks and no free refills 😆 Hope everything goes well.

    A survey is to ensure the house is not about to fall down a hill or something similar. Just esnsures the structure is sound. Hillbilly can explain better, it’s her profession.

    WHAT!!!!!!! No Starbuck, lol.

    Thanks , So a surveyor is like our home inspector. Do you also have Title insurance? Or deed insurance?

  • #88432
    Profile photo of katy
    katy
    Spectator

    Sadly no. We are still third world 😥

  • #88433
    Profile photo of Anonymous
    Anonymous
    Participant

    In, UK we have can purchase a title Insurance. It very reasonably priced. All good lawyers will recommend it, if they feel there is any doubt on the title.

    I, am not sure if such Insurance exist in Spain & even if it does. I cant see an Insurance company ever paying out in the event of a claim. They don’t pay out on Guarantees, which is a legal requirement, so what chance do a policy holder has on paying out on a obscure type of Insurance cover.

  • #88437
    Profile photo of Anonymous
    Anonymous
    Participant

    Starbucks are in Madrid but I haven’t come across any krispy kremes yet!

    Also title or deed insurance is available but not widely – it’s a US import.

    If you use a good lawyer then you shouldn’t need it – also it’s usually expensive or else the policy is rather scanty.

    Key title insurance spain into google and a few suppliers appear.

    CASER SEGUROS is a Spanish supplier or underwriter but I would question if they would ever pay out!!!!

    There are other UK suppliers but I can’t fund their details now.

  • #88448
    Profile photo of Anonymous
    Anonymous
    Participant

    @JJB-Mijas wrote:

    Starbucks are in Madrid but I haven’t come across any krispy kremes yet!.

    There are Starbucks in Sevilla as well. As for Krispy Kremes, even in the US, they are closing stores.

    Anyway, I would much rather go for a Chocolate and Churros.

  • #88451
    Profile photo of Anonymous
    Anonymous
    Participant

    Who want Starbucks, when you get real coffee in France Italy, Spain. However if you are talking about Chicago deep Pizza, its a another matter.

    My, friends in Seville will never go to Starbucks, its mainly aimed at American students who are studying there & the tourist who struggle to say Cafe con leche. or Cafe solo.

  • #88457
    Profile photo of Anonymous
    Anonymous
    Participant

    @shakeel wrote:

    Who want Starbucks, when you get real coffee in France Italy, Spain. However if you are talking about Chicago deep Pizza, its a another matter.

    My, friends in Seville will never go to Starbucks, its mainly aimed at American students who are studying there & the tourist who struggle to say Cafe con leche. or Cafe solo.

    You are so right, the European Espresso, is outstanding. Here in the US, if you go anywhere else but Starbuck, you get darker color tea, that they call coffee.
    As for Deep dish Pizza, it is only uncooked crust. I like better thin crust

  • #88477
    Profile photo of Anonymous
    Anonymous
    Participant

    Actually it was never about the coffee – only connectivity!

    I was surprised last Christmas how difficult it was in Madrid to find cafe’s where you could log on or connect with your own laptop etc. Plently of internet places but not where you can connect your own laptop. I like places where you open your laptop and your online – no registration or credit card process etc.

    Anyway even Starbucks let me down then I discovered El Corte Ingles had perfect connectivity in their cafe’s/restaurants and also more civilised.

  • #88497
    Profile photo of Fuengi (Andrew)
    Fuengi (Andrew)
    Participant

    – to make a reservation on the property you pay 3.000,- euros
    general practice. Moneys should can be held by agent. Although no reason it can’t be held by your lawyer.

    – this reservation will take the property off the market for two weeks
    Not so sure on this one. You reservation is put down to reserve the property you have made an offer on. YOUR offer, YOUR conditions.

    – within these two weeks the legally binding sale contract will be
    prepared up by the attorney
    subject to confirmation by your lawyer that everything is in order of course

    – in many cases we, as a real estate agency, make up the contracts
    I’m sure they do. You let your lawyer write it up. Even if the agent does it, your lawyer double checks it. If the agent does prepare the contract, you want an official translation by an official translator

    – but we also work closely together with an English speaking Spanish
    attorney called Carmen Silvia Gallado Muñoz
    Well you know what has been said on this forum about agent recommended lawyers.
    If you do want the agent to recommend a lawyer, ask for 3 or 4 suggestions. Then make your own decisions

    – signing the private contract can be done by fax
    Originals are safer. Can always be sent by direct mail. If there were any problems (i’m sure there won’t) you will want an original signed version.

    – signing the deeds at the Notary can be done by us with your power of
    attorney in Spanish, registered at the Spanish notary
    – we will transfer gas, electricity and water on to your name.
    If they have power of attorney, they have the ability to issue cheques/bankers draft, etc… Do you want a agency to have this power.
    Let’t you lawyer have the control

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